EMBARGOED FOR:
27th October 2009
MEDIA RELEASE
GENESIS RESOURCES TO LIST ON ASX TODAY
Manganese and Iron focussed, Genesis Resources Limited (ASX: GES) will today list on the ASX
at 1pm (EDST). The Initial Public Offering (IPO) recently closed over subscribed and successfully
raised the maximum amount sought of $4 million. The total issued capital is now 53.08 million
ordinary shares.
On listing, Genesis Resources will have a market capitalisation of over $10 million, with cash backing
of approximately $6.27 million. This calculation of cash backing also includes the share holding that
Genesis Resources has in Western Desert Resources (ASX: WDR) of 3.78 million shares. The
current valuation of these shares is now worth $2.27 million.
Genesis Resources is an exploration company committed to successful mineral exploration and
development through cost efficient exploration and Joint Ventures. Genesis Resources has an
attractive portfolio of quality iron, manganese, gold, uranium and base metal projects in Queensland
and the Northern Territory. The Company has also entered into a Joint Venture in the Former
Yugoslav Republic of Macedonia with well-known local conglomerate Sileks.
Following listing, Genesis plans to focus its exploration and aggressively develop its highly
prospective, 55 per cent owned manganese projects at Gladstone in Queensland and McArthur River
and 100 per cent owned Fenn Gap in the Northern Territory.
In commenting on this significant milestone for Genesis Resources, Pedro Kastellorizos,
Managing Director, said,
“Genesis Resources are delighted to be listing on the ASX today. The Company can now enter into
an exciting phase of its development as it moves towards becoming a new and emerging manganese-
iron producer in Australia. The availability of the additional working capital, resulting from the IPO, will
enable the Company to aggressively explore and develop its various tenements which presents a
significant milestone event for the Company.”
“It is our intention to immediately progress on a number of fronts post listing and in particular, advance
on obtaining the approvals for the Fenn Gap Iron Ore Project. On successful approval, the Company
will commence drilling on site early in 2010.
“The Company’s geologists will immediately commence rock-chip sampling on all other projects with a
view to progress to the next stage when the assessment and evaluation process has been
satisfactorily completed.”
To interview Mr Pedro Kastellorizos please contact Rod North, Bourse Communications on
(03) 9510 8309 or 0408 670 706.
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